The Central Bank of Oman and the rest of the banking body in the Sultanate of Oman are about to indulge in a sophisticated level of check clearing practices with a nationwide project for implementing an Electronic Image-based solution from ProgressSoft Corporation, the leading provider of intelligent imaging solutions for the financial sector.
Following it's aspiration to comply with the latest technological advancement, the Central Bank of Oman (CBO) will be closely working with ProgressSoft and Imtac - the exclusive partner of ProgressSoft in Oman - on the Electronic Image-based Check Clearing implementation. The system will deploy an electronic network to connect CBO with all 15 banks in Muscat and their branches in all the states spanning the Sultanate.
The signing ceremony took place in Oman on the 11th of November witnessed by all Chief Executive Officers representing all banks in the Sultanate.
Signing the contract on behalf of ProgressSoft was Mr. Michael Wakileh - CEO, also His Highness Sayyid Tareq Bin Shabib Al-Said - Director of Renaissance services SAOG on behalf of Imtac and His Excellency Hamoud Al-Zadjali - Governor of the Central Bank of Oman both took part in signing the contract with ProgressSoft.
"We are now anxiously looking forward to the development and deployment of the Image-Based Cheque Clearing System in the country, which will give a major boost to the banking system and eliminate the lapse time between depositing a cheque and receiving the corresponding credit in the account." Expressed Mr. Iqbal Khamis - Senior Vice President; Central Bank of Oman.
With ProgressSoft's solution, an electronic exchange of check images and data will replace the physical transfer to and from CBO clearing house service for all member banks.
"We are confident that with the track record and professionalism exhibited by ProgressSoft, this achievement will once again be completed within the specified timeframe and budget in keeping with the earlier RTGS and ACH applications, and will become another milestone that we shall all be justifiable proud of in due course." Affirmed Mr. Khamis
Recognized as the world's-first provider of Electronic Image-based Check Clearing since 2001, ProgressSoft has harvested an impressive number of sound accomplishments similar to this project on country wide basis including Qatar, KSA, UAE and Jordan. ProgressSoft is now looking forward to personify yet another success story in Oman to include to its list of numerous successful projects.
The Central Bank of Oman was established in December 1974 and began operations on the 1st of April 1975. It replaced the Oman Currency Board as the principal currency authority in Oman.
The Central Bank of Oman is responsible for maintaining the stability of the national currency, the Omani Riyal and ensuring monetary and financial stability in a deregulated and open financial system. The capital base of the CBO which was one million Omani Riyals at the commencement of operations in 1975, was strengthened over time and since April 2002 has remained at R0300 million. At the end of 2005, CBO's assets/liabilities totaled RO 1826.4 million.
Since its inception in 1989, ProgressSoft has been leveraging the latest in imaging technology to deliver intelligent solutions to the financial sector, specializing in electronic check clearing, signature verification, document management & archiving and workflow solutions.
ProgressSoft has now become the new household name in the banking world, with offices spanning several countries, thousands of installations and international acclamation as the paramount provider of the world's first electronic image-based check clearing solution- successfully implemented in several countries as of 2001.
While partnering with giant IT corporations such as Hewlett Packard, ProgressSoft is shaping the future of a technology-driven era of electronic financial services.
For more information please visit www.progressoft.com or contact us via the following connections:
Yazan A. Goldstein
Corporate Communications Executive
Tel: 962 6 56 23 000 Ext 211
Fax: 962 6 56 90 564